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The Well Built Entrepreneur

Taxes | Business | Financial Freedom | Wellness

5 Reasons Bookkeeping is Essential for Small Business Success

bookkeeping Aug 18, 2019

Calculating your income and expenses isn't something you should do solely during tax season. I know it's not everyone's cup of tea, but here are some reasons why bookkeeping is so important. 

1. Tax Obligations

No one likes a surprise when they file a return. When you have an up to date profit & loss, balance sheet and cash flow statements, fulfilling your business tax requirements is much easier on you and your return preparer. Saving you time and money!

By maintaining accurate books year-round, you can avoid the "oh crap, it's tax time" scramble. 

Newly self-employed? Each quarter, self-employed business owners must estimate their federal and state income tax payment and send a check to the IRS and their state. Up to date tracking of your expenses will help offset how much estimated tax you pay. 

2. Financial Management

When you keep your books in good order, you can easily track what bills are due for payment, what clients you should collect from and how much...

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Small Business Budget - Right For ME?

budget efficiency Aug 18, 2019

Launching a business can be expensive. Like a target run for toothpaste, you somehow manage to spend $200 without buying what you came for. The little expenses can sink a business fast unless you are following a detailed and well maintained budget.

Budgets have a bad rap and are often associated with being broke or cheap. But what if we rephrase that to say "I want start a 401k" and "I want to travel." Whatever your goal is as a business owner, you need to plan for it. So let's outline some tips to keep your budget in top shape.

A good budget says no to frivolous spending and impulsive "needs" today so you can focus on your future.

Overestimate Expenses

Expenses are the total costs associated with your business. From business licenses, advertising, insurance, office supplies and more. Small business owners have a lot of responsibility and failing to anticipate expenses could put your organization in jeopardy. An accounting software can easily transfer your financial information...

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